Saved by the Bell. What started off as an ugly day for markets took a turn for the better after oil prices slid this afternoon, helping the Dow Jones Industrial Average secure its eighth record close of the year.

The Dow jumped 276 points higher, for an increase of 0.6%. The S&P 500 gained 0.2%, while the Nasdaq Composite rose 0.1%.

Equities were on an oil-slicked roller coaster today. Stocks opened in the red as rising bond yields and oil prices dampened investor sentiment. Reports that Iran insists on keeping its enriched uranium, rather than sending it abroad, sparked concerns that hostilities would resume.

Those fears were somewhat calmed a few hours later, when Iranian state media said that the government was reviewing the latest U.S. peace proposal. Of course, we’ve been here before with little to show for it, but traders seem to be betting that the gap between both sides is narrowing enough for the countries to eventually come to an agreement.

It was also a big day for retail earnings. The early takeaway is that higher fuel prices and inflationary pressures are fueling the creation of two different types of consumers: One who can shop freely, and another struggling to afford the basics.

Luxury retailer Ralph Lauren was the S&P 500’s leading stock today, soaring nearly 14%. Investors rallied behind the company’s earnings beat, solid guidance, and a 10% increase to its quarterly dividend.

“Our core consumer continues to be resilient,” said CEO Patrice Louvet on the company’s earnings call.

Meanwhile, shares of discount giant Walmart didn’t fare as well. The company reported stronger-than-expected earnings, but its stock fell 7.3% over weak full-year guidance.

“We see with our customers that the high-income customer is spending with confidence into many categories, while the lower income consumer is more budget conscious and perhaps navigating financial distress,” said chief financial officer John David Rainey. He added that throughout the quarter, the number of gallons that customers filled up when they came to refuel at Walmart gas stations fell below 10 for the first time since 2022.

“That’s an indication of stress,” he said.

The Hot Stock: Ralph Lauren +13.9%
The Biggest Loser: Intuit -20.2%

Best Sector: Utilities +1.0%
Worst Sector: Consumer Staples -1.6%

It’s official: the SpaceX IPO will turn Elon Musk into the world’s first trillionaire. We figured it would, but the company’s S-1 IPO registration statement, released yesterday afternoon, confirmed it.

My colleague Al Root did the math:

These figures will only be official when the SpaceX actually goes public. But depending on the price at which the company debuts, they could be even higher. Musk owns 41% of total SpaceX shares, and controls 85% of the vote, thanks to his ownership of Class B stock that has super-voting rights.

Musk’s wealth could increase even further if he meets the ambitious goals laid out in both SpaceX and Tesla’s compensation structure.

If he increases SpaceX’s valuation to $7.5 trillion and hits other milestones—including setting up a permanent Mars colony—he will earn one billion shares of SpaceX. He will also be given 424 million Tesla shares if he brings that company up to a valuation of $8.5 trillion. Both packages are worth billions of dollars.

Musk’s wealth wasn’t the only thing the S-1 shed light on. Investors also got much-awaited insight on what the company’s ticker will be (SPCX), as well as its financials and long-term goals. The company reported net sales of $19 billion in 2025, with an operating loss of $2.6 billion.

Seems like SpaceX’s rockets aren’t the only thing shooting to the moon.

BJ’s Wholesale Club Holdings and Booz Allen Hamilton Holding release earnings tomorrow.

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